The realized price of Bitcoin (BTC) for short-term holders (STHs) has reached $64,000, indicating a continuation of the BTC uptrend. This development comes as Bitcoin’s price surged past $70,000 on June 10.
Short-Term Holders and Bitcoin Rally
Short-term holders, defined as those who have acquired Bitcoin within the last 155 days, saw the realized price rise by 1.5% over the past week. According to James Van Straten, lead analyst at Cryptoslate, this group primarily includes those who purchased BTC around the approval of the U.S. spot Bitcoin ETF in January and before it hit its previous all-time high of $69,000 in March.
Van Straten, using data from Glassnode, noted that the STH realized price has been steadily increasing, approaching $64,000. This trend signifies Bitcoin’s ongoing uptrend over the past 18 months. The rising realized price suggests increased short-term speculation, reinforcing Bitcoin’s bullish trajectory.
Bitcoin’s Support and Market Sentiment
Currently, Bitcoin is trading at $70,090, with strong support around the $69,000 mark. This level is significant as approximately 1.3 million BTC were previously bought by over 2.22 million addresses, according to IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model. This support zone is likely to attract aggressive buying from investors looking to capitalize on the upward momentum.
Data from CryptoQuant also highlights a spike in the Taker Buy Sell Ratio on the HTX crypto exchange. A ratio above one indicates bullish sentiment, as more takers are buying than selling. Recently, this ratio spiked to 730, a rare occurrence signaling exceptionally strong buy-side pressure.
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Independent trader Ali Martinez observed this spike, noting it as a precursor to notable price jumps. Martinez also pointed out an increase in daily active addresses on the Bitcoin network, breaking a downtrend that began on March 5. Over the last 24 hours, 765,480 more addresses were active on the Bitcoin blockchain, suggesting heightened network activity and reinforcing the bullish outlook.
Long-Term Outlook
As long as Bitcoin maintains its price above $64,000, the long-term outlook remains bullish. This level acts as a crucial support zone, and the sustained increase in the STH realized price further bolsters this view.
